Fortum won the right to build 250 MW solar power plant in India

Fortum won the right from Karnataka Renewable Energy Development Ltd. to build a 250 megawatt (MW) solar power plant in Pavagada solar park in Tumkur district, Karnataka, India.

July 2, 2018Fortum

Share

Commissioning of the plant is expected in the third quarter of 2019. The capital expenditure is estimated to be approximately EUR 120 million and the solar park will be entitled to a fixed tariff of 2.85 INR/kWh for 25 years. Fortum already has a 100 MW operating plant in Pavagada solar park.

“We are pleased to launch a new solar development project in India. We have gained good experience in India where we have successfully developed solar power for several years. As continuation to the previous transaction in which we sold a stake in our existing plants in India and partnered up with UK Climate Investments and Elite Alfred Berg, Fortum now continues to grow its solar portfolio”, says Kari Kautinen, SVP, Solar & Wind Development and M&A.

Fortum’s ambition is to increase its solar and wind portfolio to gigawatt scale in its home markets. Fortum’s business model in renewables consists of development, construction and asset management of solar and wind assets, and selective partnering with financial investors once the plants have been commissioned.

The company currently operates solar capacity of 185 MW in India and 35 MW in Russia. Fortum’s total operating wind capacity amounts to 142 MW with three additional projects currently under construction and sizeable future pipeline in the Nordics and Russia.

Keep up to date

pv magazine India offers weekly updates of the latest photovoltaics news. We also offer comprehensive global coverage of the most important solar markets worldwide. Select one or more editions for targeted, up to date information delivered straight to your inbox.

Email*

Select Edition(s)*

Hold Ctrl or Cmd to select multiple editions.

We send newsletters with the approximate frequency outlined for each edition above, with occasional additional notifications about events and webinars. We measure how often our emails are opened, and which links our readers click. To provide a secure and reliable service, we send our email with MailChimp, which means we store email addresses and analytical data on their servers. You can opt out of our newsletters at any time by clicking the unsubscribe link in the footer of every mail. For more information please see our Data Protection Policy.

Keep up to date

We send newsletters with the approximate frequency outlined for each edition above, with occasional additional notifications about events and webinars. We measure how often our emails are opened, and which links our readers click. To provide a secure and reliable service, we send our email with MailChimp, which means we store email addresses and analytical data on their servers. You can opt out of our newsletters at any time by clicking the unsubscribe link in the footer of every mail. For more information please see our Data Protection Policy.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.